Healthcare DIVE April 25, 2024
The health system made progress on controlling expenses by cutting contract labor costs and insourcing physicians, but costs still dragged on earnings.
Dive Brief:
- Community Health Systems posted mixed first-quarter earnings results on Wednesday as operating revenue improved but costs remained high. Overall, the health system reported a $41 million net loss.
- Operating revenues grew marginally year over year, rising 1% to total $3.1 billion. Still, CHS’ revenue surpassed its operating expenses, which totaled $2.9 billion.
- CHS generated $96 million in cash from operating activities during the quarter, up from $5 million in the same period last year, as admissions increased and CHS cut expenses.
Dive Insight:
Despite launching recovery and restructuring initiatives last year, CHS has lagged...
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